News

By Year: All | 2018 | 2017 | 2016 | 2015 | 2014 | 2013

2018

23 September, NextInsight - REX INT'L: Turning Around; Targeting First Oil Production

“Excerpts from UOB Kay Hian report: In 2H19, Rex is looking to turnaround into profitability in 2020 when two of its oil wells come on stream. Its Oman oil well is to start production in 2H19 with 5,000 bpd. The Rolvness oilfield is slated to start in 2020, with 7,000 bpd and this is set to increase to 14,000 bpd by end-20. Rex could generate S$32.7m net profit in 2020 if the oilfields deliver as planned. In addition, Rex has cash totalling S$56.9m as of 1H18 and it could receive S$34.5m from the Oman government in 2019 if they exercise their option for a 25% stake, based on a historical cost pool of S$138.0m.”

19 September, NextInsight: REX INT'L: How much might its Norwegian oil assets fetch?

“Rex International Holding announced successful developments in Norway on 27 Aug 2018, following which it received unsolicited, non-binding indications of interest in the portfolio of licences held by Lime Petroleum AS, a 90 per cent subsidiary of Rex. So the big question is how much might Lime Petroleum be worth? Lime Petroleum holds a 30% stake in Rolvsnes discovery in Norway and a 20% stake in the adjacent Goddo prospect. Estimated net combined resource to Lime: >40 mmboe, based on a conservative assumption of net 20% to Lime. Illustrative example: Net 40 million barrels of oil in Rolvsnes and Goddo combined would have a value to Lime after discovery of US$ 80 million assuming current oil-in-the-ground valuation of US$ 2 /bbl. Assuming a higher oil-in-the-ground valuation of US$ 5 /bbl, the value to Lime would be US$200 million. In per share terms, US$80 million translates into about 8.4 SGD cents while US$200 million is 21 SGD cents. These figures are large relative to Rex's stock price, currently at around 11.4 SGD cents.”

29 August, Next Insight: REX INTERNATIONAL: Closer to generating recurring revenue

“Rex International has announced that the drilling and production testing of well 16/1-28S on the Rolvsnes oil discovery in PL338C, in which Rex’s 90 per cent subsidiary Lime Petroleum AS holds a 30 per cent interest, has been completed successfully. The operator, Lundin Norway AS, has drilled a 2.5km horizontal section in the reservoir. The drilling results show good reservoir productivity and connection to a significant oil volume, with production rate of up to 7,000 barrels of oil per day (bopd), confirming sustainable commercial oil flow. The next step towards commercialisation is to tie the well to the adjacent producing Edvard Grieg platform which is also operated by Lundin.”

7 May, Next Insight: REX INT'L: Substantial upside potential for share price, says management

"Not that many companies of our size are pre-qualified in Norway and I think is right to say that our technology played a very important part in us getting that pre-qualification," said Mr Dan Broström, executive chairman of REX.

As CEO Mans Lidgren recounted: "We have used our technology-led, de-risked exploration approach to build a cluster of investments in the Rolvsnes area in the North Sea. They are close to existing pipeline infrastructure, so that upon more discoveries, commercialisation can be fast-tracked."

7 April, Oman Observer: Oil to flow from Oman’s east coast in 2019

"Singapore-based Rex International Holding Limited, the majority shareholder in Masirah Oil Limited, which owns and operates Block 50 off the Sultanate’s eastern seaboard, says it sees the potential to commence production from a key offshore discovery next year.

"The evaluation of the development programme for the GA South-1 discovery in Oman is ongoing and will continue until the first half of 2018. Should the evaluation be positive, the Group will aim to start production from GA South-1 in 2019,” said Rex International in its newly published 2017 Annual Report."

19 January, Offshore Magazine: Lime sees tieback potential in latest offshore Norway license

"Måns Lidgren, CEO of Rex International Holding, said: “PL818B, like the Rolvsnes discovery, is located near to Johan Sverdrup, one of the five largest oil fields on the Norwegian continental shelf, and adjacent to the producing Edvard Grieg and Ivar Aasen fields. "We are very pleased that LPA now holds stakes in a cluster of investments in this oil-prolific area that already has pipeline infrastructure in place, allowing a fasttrack path to potential commercialization and return on investment when we make more oil discoveries.""

7 December, NextInsight: REX INTERNATIONAL: Targets substantially higher revenue from 2018

“Mr Dan Broström, Executive Chairman of Rex International Holding, said, “When we were first listed in mid-2013, our business model was to focus on using the RVD technology on our own assets to increase the chance of success in finding oil and then to sell oil-in-the-ground upon any discovery. With the collapse of oil prices since mid-2014, we have moderated our drilling plans to focus on getting our key assets to production.

"To concentrate on our core competence in the technology arena, we are seeking operational partners of high professional standard for Oman. In Norway, we are already working with highly experienced partners in the licences, in particular Lundin Petroleum Norway AS who is also the operator of the licence PL338C (Edvard Grieg) discovery.””

17 April, OE Digital: Rex eyes 2019 Rolvsnes test production

“Test production from the Rolvsnes or Edvard Grieg South (EGS) discovery offshore Norway is expected to start in 2019, according to Rex International Holding, which holds a 30% stake in the license through subsidiary Lime Petroleum. Rex says development feasibility studies are being carried out on the Lundin operated discovery, which was made in December 2015, in license PL338C. According to Rex, a recent Gaffney, Cline & Associates report put gross contingent, unrisked (3C) resources in the PL338C license at up to 77.9 MMbbl and up to 78.7 Bcf of natural gas (3C).”

19 January, The Edge – Rex Chairman buys more shares

9 January, Trade Arabia: Masirah Oil gets new funding from Rex Oman

“Rex Oman, a unit of Singapore-based Rex International Holdings, has injected $8 million into Masirah Oil Limited (MOL), the operator and 100 per cent owner of Block 50 offshore Oman’s east coast. The funding follows a subscription of new shares of Masirah Oil (MOL), said an Oman Daily Observer report. “The capital injection was necessary to allow (Masirah Oil Limited) to pursue its drilling activities and continue its operations in Oman, as well as for general working capital requirements; and was fully satisfied in cash by Rex Oman,” said Rex International Holdings in a statement. "Masirah Oil has high potential for growth, as the discovery made in the concession in early 2014 was the first offshore discovery east of Oman, after 30 years of exploration activity in the area,” it added.”

4 January, Business Times: Company briefs: Rex International Holding

 

4 October, NextInsight: Energy sector was strongest in Sept, REX jumped in trading volume

"Outside the 10 largest capitalised stocks of Singapore's Energy Sector, Rex International ranked among the 10 actively traded stocks that saw the biggest increase in September volumes (compared to three month average volumes)."

3 October, SGX: Energy was the Strongest of the Sectors in September

 

5 September, NextInsight: Rex International: In healthy cash position, aims to generate cash flow

"Rex shares appear to be grossly undervalued; given that the current market capitalisation of the Company is even less than the value of our liquid assets. The market has not price in any value for our proprietary technologies and our interests in licences, which include a discovery in Oman and another in Norway, both of which have the potential to be monetised over the medium term.".

6 July, NextInsight: Subsidiary Lime Petroleum ordered to be wound up immediately

"In another development in the tussle between Rex International and a Malaysia-listed company, the High Court of the Isle of Man on 30 June (2016) ordered the immediate winding up of Lime Petroleum."

Dan Broström, Executive Chairman of Rex International, said, "the Company reiterates that it has always been confident that the Lime Directors have at all times acted consistently with their duties to Lime and is pleased that the Lime Directors have once again been fully vindicated by this latest judgment on the application to wind up Lime."

8 June, NextInsight: Rex International - Tastes victory in first of three legal cases

""For the reasons I have referred to I am not persuaded that Gulf is acting in good faith. I am concerned, on the evidence and arguments presented that Gulf´s conduct and approach taints its good faith and I am not convinced that Gulf is acting with entirely "clean hands". Frankly, based on the evidence presented to me, I am of the view that Gulf has no real genuine interest in advancing the interests of Lime. I am of the view that Gulf simply wishes to advance its own interests and to damage those of Rex."

-- His Honour the Deemster Doyle”

10 April, Next Insight: Rex International: When the Storm Blows Over

““Rex is in a good financial position and will continue to minimise exploration risks with its proprietary RVD technology and geological review by its Technical Review Committee, and will only participate in selected drilling campaigns that are economically viable in the current challenging environment.””

21 January, Business Times: Rex International Unit takes part in Norwegian Licensing Round

 

13 January, NextInsight: Rex International - Staying steady, looking further out to monetize oil discoveries

"Rex's chairman Mr Dan Brostrom explains, "We have liaised with established players such as Lundin and Statoil, who realise we have some interesting technologies that reduce their risk in drilling. We are going with them into areas that are oil-prolific and where there are already discoveries made and these players have been involved there. These are logistically built-up areas, and there's enough work there to keep us busy for some time.".. "we have it all funded for 2016. And the Board's position is we have to be very prudent with the cash we have.""

14 December, Energy Keyfacts: Rex International increases interest in Lime Petroleum Norway

 

14 December, SGDealbook: Rex International takes 98% stake in LPN

 

21 May, Asian Oil & Gas: MEO, Rex Beehive partnership

 

21 May, Rigzone: MEO farm-out 30% stake in WA-488-P Permit to Rex International Holding

 

21 May, Deal Street Asia: Rex Bonaparte Gulf acquires 30% interest in Australian oil block licence

"Man's Lidgren, CEO of Rex International , said "Initial due diligence analyses of the Beehive prospect in WA-488-P using Rex Virtual Drilling are encouraging and consistent with MEO's geological assessment. However, as the prospect is covered only by 2D seismic data, albeit of high quality, the partners agree that doing a 3D seismic survey will enable further de-risking of the prospect ahead of the drilling scheduled to take place at the earliest in late 2016.""

21 May, Upstream: MEO secures Beehive partner

 

12 May, Business Times: Oil & gas sector gearing up for more M&A deals

 

17 April, NextInsight: Rex: At Exciting Start of Promising Oil-Drilling Campaign

""The current environment of low oil price is a window of opportunity for exploration work at a much lower price to fill up our well discoveries," said Rex International co-founder and major shareholder Hans Lidgren. "With the money we currently have, we can do twice as much as what we could have done before the oil price slump," he said. "We believe, with a high degree of confidence, that we can find, much more easily, these large oil fields," Kristofer Skantze, Rex International's Chief Operating Officer who was also at the Media Briefing. "If oil prices go up again in the short term, we expect to have more oil reserves in our portfolio to sell. We have many exploration activities in Norway in 2015 and this is a result of the pre-qualification approval (of our jointly controlled entity in Norway) by the government and subsequent high-grading work using Rex Virtual Drilling on assets we've been looking at," said Mr Lidgren. "The drilling technology there is very mature so it is comparatively safe ground to be in. This is a very good opportunity for us to demonstrate the capability of Rex Virtual Drilling and our other proprietary exploration technologies. Norway's a very favourable region to be in because of a 78% tax subsidy from the government on your expenses in oil exploration, regardless of whether you make a discover or not but, you have to be a pre-qualified company, which we are," said Mr Skantze. He also mentioned that "the exploration programme to drill up to 10 wells this year, focusing on identifying and proving up new prospects, is extremely ambitious. To put this in perspective, we are on par in terms of activity level with companies 10 times our size. In addition to Norwegian concessions, we will also be drilling in Trinidad and Oman where we are still working on identifying how much oil there is. We are in this with very reputable companies and we have entered on very favourable terms. They want us to be in on it because we have the technology that can add value to the consortium. In general, we don't participate in drilling prospects unless there is potential for at least 50 million barrels of recoverable oil.""

15 April, Straits Times: Rex sees upside in lower oil prices

 

24 February, Rigzone: RIH Raises Indirect Stake in Cory Moruga Block in Trinidad & Tobago

"Mans Lidgren, CEO of Rex International Holding, said, "Analyzes using our proprietary Rex Virtual Drilling (RVD) technology on seismic data covering the Cory Moruga Block have been positive and we are optimistic about several prospects in the asset. Onshore production levels are typically lower than offshore wells, but drilling of onshore wells costs substantially less than that of offshore wells. At current oil prices, there is potentially still a good margin for produced oil in Trinidad. The Cory Moruga Block is located close to existing prolific fields and with an increased interest in the block, our Trinidadian subsidiary can also book more revenue when a previously locked-in discovery well is put on production."… Kistrofer Skantze, chief operating officer of Rex International Holding said, "These two transactions enable us with greater operational control to further focus on assets that can leverage on our RVD technology in the short term. With our recent achievement of having two successful wells out of three wells drilled in the South Erin Block, we are excited about the potential of the Cory Moruga Block."

17 February, Rigzone: Lime Inks Deal with Tullow Oil for 20% Stake in 3 Licenses off Norway

"Man's Lidgren, CEO of Rex International Holding, said, "Lime Norway completed the acquisition of a 5 percent stake in PL 591 and the neighbouring PL591B from North Energy in October 2014 and was awarded PL591C in the latest 2014 Awards in Predefined Areas (APA) round in January. We are pleased to seize this opportunity to increase our stake in the licenses, given the promising potential we see in the Zumba prospect with Rex Virtual Drilling and the upcoming spud date of the exploration well.""

21 January, Oil & Gas Technology: Rex strikes oil at two wells onshore Trinidad

“”We are pleased with our strike rate of 67% in the South Erin Block, achieved with the assistance of Rex Virtual Drilling,” Kristofer Skantze, Chief Operating Office of Rex International Holding. The information that we have gathered from the wells will be used to further deepen our understanding of the sand trends in the Cruse and Lower Forest reservoirs within the concession. We are able to get drilling costing down to below USD 1.0m per well, which was about 40% below budgeted costing, as a result of our cost management measures and taking advantage of the lower cost of oil drilling services over the past months, arising from the global fall in oil price.”… “Rex Virtual Drilling (RVD) has been incorporated together with conventional geological and geophysical studies in our work process to identify the locations of wells to drill.” said Mans Lidgren, Chief Executive Officer of Rex International Holding. “The drilling campaign in Trinidad holds important lessons for the refinement of RVD, especially for enhancing the technology’s use on onshore seismic data. The Rex Technology Management team will continue to work closely with the geological team to further improve the de-risking of the asset.””

21 January, Rigzone: Caribbean Rex finds commercial oil in Trinidad & Tobago’s South Erin Block

Kristofer Skantze, Chief Operating Officer of Rex International Holding said, “We are pleased with the strike rate of 67% in the South Erin Block, achieved with the assistance of Rex Virtual Drilling. The information that we have gathered from the wells will be used to further deepen our understanding of the sand trends in the Cruse and lower forest reservoirs within the concession. We were able to get drilling costing down to below $1 million per well, which was about 40% below budgeted costing, as a result of our cost management measures and taking advantage of the lower cost of oil drilling services over the past months, arising from the global fall in oil price.””

“Man’s Lidgren, CEO of Rex International Holding, said, “Rex Virtual Drilling (RVD) has been incorporated together with conventional geological and geophysical studies in our work process to identify the locations of wells to drill. The drilling campaign in Trinidad holds important lessons for the refinement of RVD, especially for enhancing the technology’s use on onshore seismic data. The Rex Technology Management team will continue to work closely with the geological team to further improve the de-risking of the asset.””

21 January, The Edge: Rex International Holding has completed drilling three wells in an oil block in Trinidad & Tobago and found two of them to be commercially viable

 

21 January, Upstream: Rex cheers T&T double find

 

2014

9 December, Times of Oman: Oman should focus more on offshore oil and gas production

 

3 December, Oil & Gas Technology: Dolphin performing Oman offshore shoot for Masirah Oil

“”We are pleased to note that plans for Block 50 Oman are on track,” said Dan Brostrom, executive chairman of Rex International Holding. Given that Block 50 Oman covers a large area of close to 17,000 square kilometres, information from the seismic survey will value-add to the extended well testing and multi-well campaign targeted to be carried out in the block in 2015 and 2016.””

3 December, Oman Observer: Masirah Oil launches new 3D seismic survey of Block 50

Dan Brostrom, Executive Chairman of Rex International Holding, said, “We are pleased to note that plans for Block 50 Oman are on track. Given that Block 50 Oman covers a large area of close to 6,563 square miles (17,000 square kilometres), information from the seismic survey will value-add to the extended well testing and multi-well campaign targeted to be carried out in the block in 2015 and 2016.”

18 November, Energy-Pedia: Australia: Rex International acquires stake in VIC/P57, offshore Gippsland Basin

 

8 October, Rigzone: Rex Completes Acquisition of Stakes in 2 Licences Offshore Norway

 

8 October, Mentor IMC Group: NOC Contract for Rex International Holding

“Dan Brostrom, executive chairman of Rex International Holding, commented: “A first contract with an NOC is a notable achievement for Rexonic, as the potential for an expansion in the scope of coverage for the well stimulation technology is promising.””

October 7, ShanghaiDaily: Singapore Stocks end down 0.28 pct

 

6 October, Oil & Gas Technology: Rexonics Nets Maiden Well Stimulation Contract with Unknown National Oil Company

“”We are heartened to see the fruition of Rexonic’s commercialisation plans, following months of hard work by the management team,” said Dan Brostrom, executive chairman of parent company Rex International Holding.”.. “A first contract with an NOC is a notable achievement for Rexonics, as the potential for an expansion in the scope of coverage for the well stimulation technology is promising. Synergies with Rexonic’s technology, such as using Rex Virtual Drilling to prioritise which production well to stimulate first, can be further progressed. We can also tap on each other’s business network to further grow out respective portfolios.””

23 September, Straits Times: Company Briefs - Rex International Holding

 

23 September, Business Times: Company Briefs – Shareholding Changes at Rex International

 

17 September, Business Times: Brokers Take (DBS Vickers Research) - Rex International Holdings

“Buy” maintained with adjusted TP of S$1.05

11 September, The Edge: Rex International wins Offshore Discovery of the Year award for discovering Block 50 Oman

“Hans Lidgren, Chairman of Masirah, said, "We are very honoured to be recognised for our oil discovery in Block 50 Oman and are pleased to contribute to the deepening of knowledge about the offshore area in the east of Oman, where no discovery has been made before this. Together with our shareholders Rex International Holding Limited in Singapore, Hibiscus Petroleum Berhad in Malaysia and PETROCI, the National Oil Company of Côte d'Ivoire, we look forward to continue to work closely with the Ministry of Oil and Gas in Oman to prove up more value in our asset."

Dan Broström, Executive Chairman of Rex International Holding, said, "We view this award as another feather in the cap for our proprietary direct hydrocarbon indicator, Rex Virtual Drilling, and are encouraged by the increased interest from new and existing partners who want to work with us. We note that in the Ministry of Oil & Gas' early August invitation to oil and gas companies to participate in the upcoming Oman Bid Round 2014, two of the five concessions are offshore, and one of them is adjacent to Block 50 Oman."”

11 September, Business Times: Rex International Unit Gets Award in Oman for Offshore Discovery

 

3 September, Upstream: Rex Takes Control

 

3 September, Rigzone: Rex International Holding Acquires Ownership of Rex’s Technologies

” Dan Brostrom, executive chairman of Rex International Holding, said, “Over the past year since our listing in July 2013, we have received feedback from many investors, their preference for our key differentiator, the Rex Technologies and specifically, Rex Virtual Drilling, to be housed in the listed entity. We are heartened by our founders’ and majority shareholders’ unstinting support in agreeing to have RTM included under Rex International Holding’s auspices, after considering the potential value creation that will result from the Group’s direct ownership of the Rex Technologies, as compared to being an exclusive licensee; while preserving the strict confidentiality of how the technologies work.” “Having RTM under the Group will allow us to bolster our value offering, over and above our portfolio of high quality assets scanned with Rex Virtual Drilling, as we will have complete control over the use of the proprietary Rex Technologies. RTM will immediately contribute attractive recurring income from their existing contracts. There remains much potential for future research and development advancements for the Rex Technologies.” Brostrom added.”

” Hans Lidgren, one of the founders of Rex International Holding and head of technology development at RTM, said, “We are committed to giving Rex International Holding full support for it to achieve its vision to be a leading independent exploration and production company that has an international portfolio of concessions, selected using our proprietary Rex Technologies. The RTM team is excited to join the Rex International Holding family and looks forward to even closer collaboration going forward.””

3 September, Business Times: Rex International to fully acquire exploration technologies

 

14 August, Rigzone: Rex International Holding Adds New Technology to Detect Hydrocarbons

“Hans Lidgren, who heads technology development at RTM, said, “RGI will be a complementary technology to Rex Virtual Drilling (RVD). With the addition of RGI to our already powerful suite of technologies, we can now search for the full spectrum of hydrocarbons in both liquid (including oil and condensate) as well as gaseous phases.” … Dan Brostrom, executive chairman of Rex International Holding, said, “RVD, which focuses on liquid hydrocarbons, paved the way for our Company’s success in obtaining stakes in concessions and discovering oil in Oman. We are excited about the development of RGI as it will allow us to engage with a new enlarged market and seize further opportunities for discovery within our existing assets. In the past, we have been forced to decline several opportunities in the gaseous hydrocarbon domain as we have not been able to properly derisk those assets. With RGI, we can now achieve proper de-risking before making significant investments. Current global natural gas reserves total approximately 6,100 trillion cubic feet, according to US Energy Information Administration (EIA) estimates. Of these, roughly half are considered to be stranded, that is, uneconomic to deliver to market. Initial feedback from our partners has been very encouraging.””

17 July, The Business Times: Rex Sells Trinidad working interest to Leni Oil & Gas

 

23 June, The Edge: Riding Hot Oil Stocks

“This is a very high-risk industry where only 10% to 15% of the wells drilled contain oil or gas and the rest are dry. But compared with other players, we have a much lower risk because we use satellite technology that allows us to generate higher –resolution maps and zoom in on relevant areas where there is potential to find O&G.” … “Because of this edge in knowing where to explore for oil, we are able to look at a lot more opportunities compared with other companies. Last year, we looked at more than 100 potential contracts. This year, we plan to look at 200 in selected jurisdictions, and we are striving for a success rate of 50%. We will continue to focus on adding exploration assets to our portfolio, but will also look at producing assets that can generate income in fiscally attractive jurisdictions,” says Måns Lidgren, CEO of Rex International.

6 June, World Oil: Lime Petroleum Norway to get stakes in two more licences from North Energy

“Mr Måns Lidgren, Chief Executive Officer of Rex International Holding, said, ‘Rex Virtual Drilling has detected promising prospects in these two licences and we have also validated the findings with geological datasets. Although small, we are keen to take on the 5 per cent stakes in these licences as drilling will start as early as the first half of next year.’”

6 June, Upstream Online: Singapore-listed Rex International has taken a 5% interest in two licences in Norway through its subsidiary

 

6 June, The Edge: Rex International Holding and its subsidiaries announced that their jointly-controlled entity, Lime Petroleum Norway has signed an agreement with North Energy to acquire 5% stakes in two additional licences in Norway.

 

6 June, Energypedia: Norway: Lime Petroleum acquires interests in PL591 and PL591B from North Energy

 

19 May, XINMSN: Rex International in talks with companies in Norway

“Singapore-listed Rex International says it’s in talks with renowned industry players in Norway to grow its asset base significantly. The Company says it will use its proprietary technology to add value to the oil exploration and production activities there. Rex says the steady growth and creditability of the technology have allowed the company to engage with multiple parties, who are much larger in terms of market capitalisation and with established track records. Rex believes Norway will be a key market for the group, going forward.”

14 May, Singapore Business Review: Rex International Holding promotes Per Arne Lind to CFO

 

13 May, Energy-pedia: Australia: Rex International signs HOA to acquire a stake in VIC/P57, offshore Gippsland Basin

“Mans Lidgren, CEO of Rex International Holding, said, ‘We are very pleased that our proprietary Rex Virtual Drilling technology is a key contributing factor to HIREX’s participation in the VIC/P57 concession, indicating an increased acceptance of our ground-breaking technology among exploration and production players around the world. HIREX’s entry into Australia as its first project reflects the versatility of Rex Virtual Drilling, which can be applied in different geologies, geographies and applied to both onshore and offshore liquid hydrocarbon exploration.’”

13 May, 4-traders: HIREX signs HOA for 20% in Offshore Licence in Australia

 

8 May, Breaking News Trinidad and Tobago: Singapore Oil Company Spuds its First Onshore Well in T&T

 

5 May, Gulf Oil and Gas: Rex Spuds its First Onshore Exploratory Well in Trinidad

“Rex International announced that its 64.17% owned licence-holding company Caribbean Rex limited, spudded its first onshore well in its Cory Moruga concession in Trinidad & Tobago on 29 April 2014. This is the first of a five-well onshore drilling programme that Caribbean Rex is undertaking in 2014 in its South Erin and Cory Moruga concessions… The location of all five wells have been selected using Rex Virtual Drilling (“RVD”) analysis made on 3D seismic data of the concession in tandem with conventional geological interpretation of seismic data and well data for purposes of quality control and reality check.”

5 May, MBendi: Rex International Spuds its First Onshore Exploratory Well in Trinidad

 

5 May, 4-traders: Rex: Spuds its First Onshore Exploratory Well in Trinidad

 

5 May, Energy-Pedia: Trinidad: Rex International Spuds its First Onshore Exploratory well in Trinidad

 

5 May, Rigzone: Caribbean Rex Spuds Well at Cory Moruga Concessions in Trinidad and Tobago

 

5 May, Upstream Online: Singapore-listed Rex International has Spudded its First Onshore Well at the Cory Moruga Concession in Trinidad & Tobago

 

5 May, The Edge: Rex starts drilling first onshore well in Trinidad & Tobago

 

5 May, Rigzone: Caribbean Rex Spuds Well at Cory Moruga Concessions in Trinidad and Tobago

 

5 May, Upstream Online: Singapore-listed Rex International has Spudded its First Onshore Well at the Cory Moruga Concession in Trinidad & Tobago

 

5 May, The Edge: Rex starts drilling first onshore well in Trinidad & Tobago

 

21 Apr, Rigzone: Rex International Holding Provides Updates on Upstream Portfolio

“Mans Lidgren, CEO of Rex International Holding, said, “Over the past eight months since our listing July 31, 2013, we have delivered on growing our portfolio of concessions, expanded our Geographical footprint, added to our suite of technologies and made and oil discovery. With this update, we wish to give investors some guidance on the dynamics of our portfolio, our strategy to leverage on our proprietary technologies and to minimize capital outlay, so that investors can better understand the Company’s strategy for each underlying asset in the short term. In line with industry practice, we intend to focus on concessions in our portfolio where we have seen recent success and continue to see significant potential.””

17 Apr, ShareInvestor Express: Rex gives summary on its portfolio and update on its investment strategy and roadmap

 

5 May, Rigzone: Caribbean Rex Spuds Well at Cory Moruga Concessions in Trinidad and Tobago

 

5 May, Upstream Online: Singapore-listed Rex International has Spudded its First Onshore Well at the Cory Moruga Concession in Trinidad & Tobago

 

5 May, The Edge: Rex starts drilling first onshore well in Trinidad & Tobago

 

21 Apr, Rigzone: Rex International Holding Provides Updates on Upstream Portfolio

“Mans Lidgren, CEO of Rex International Holding, said, “Over the past eight months since our listing July 31, 2013, we have delivered on growing our portfolio of concessions, expanded our Geographical footprint, added to our suite of technologies and made and oil discovery. With this update, we wish to give investors some guidance on the dynamics of our portfolio, our strategy to leverage on our proprietary technologies and to minimize capital outlay, so that investors can better understand the Company’s strategy for each underlying asset in the short term. In line with industry practice, we intend to focus on concessions in our portfolio where we have seen recent success and continue to see significant potential.””

17 Apr, ShareInvestor Express: Rex gives summary on its portfolio and update on its investment strategy and roadmap

 

14 Apr, Upstream Online: T&T plan set in stone

“Singapore-listed Rex International has announced its plans for a five-well onshore drilling campaign in Trinidad & Tobago…Rex International chief executive Mans Lidgren said Trinidad & Tobago would be the focus of the company’s 2014 drilling programme, besides the Middle East and Norway…”With the increased production from the new wells, we are well placed to reap more benefits from the new legislation that allows us to offset all revenue generated from oil production against exploration expenses.”

“Chief operating officer Kristofer Skantze said the South Erin Block concession is of particular interest to the company because of its exploration potential…”Although Trinidad is known to be an oil-prolific area, there has only been one light oil discovery from onshore exploration in the past 50 years, owing to the region’s complex geology…We are confident that our proprietary technologies will give us an edge to tap these under-developed exploration opportunities.”

12 Apr, Lianhe Zaobao: Rex International’s jointly controlled entity to start onshore drilling plan

 

21 Mar, The Edge: Mapletree Industrial Trust, Rex, Ascott

 

21 Mar, Xinhua: Roundup: Singapore stocks end up 0.53 pct

“Rex International gained 1.7 per cent to 61 Singapore cents. It announced that North Energy, in which the Group holds an approximate stake of 5.35 per cent, will commence drilling campaigns at two of its licenses in the third and fourth quarters of 2014. North Energy is using Rex Virtual Drilling in high grading possible drilling targets in its portfolio.”

5 May, Rigzone: Caribbean Rex Spuds Well at Cory Moruga Concessions in Trinidad and Tobago

 

5 May, Upstream Online: Singapore-listed Rex International has Spudded its First Onshore Well at the Cory Moruga Concession in Trinidad & Tobago

 

5 May, The Edge: Rex starts drilling first onshore well in Trinidad & Tobago

 

21 Apr, Rigzone: Rex International Holding Provides Updates on Upstream Portfolio

“Mans Lidgren, CEO of Rex International Holding, said, “Over the past eight months since our listing July 31, 2013, we have delivered on growing our portfolio of concessions, expanded our Geographical footprint, added to our suite of technologies and made and oil discovery. With this update, we wish to give investors some guidance on the dynamics of our portfolio, our strategy to leverage on our proprietary technologies and to minimize capital outlay, so that investors can better understand the Company’s strategy for each underlying asset in the short term. In line with industry practice, we intend to focus on concessions in our portfolio where we have seen recent success and continue to see significant potential.””

17 Apr, ShareInvestor Express: Rex gives summary on its portfolio and update on its investment strategy and roadmap

 

14 Apr, Upstream Online: T&T plan set in stone

“Singapore-listed Rex International has announced its plans for a five-well onshore drilling campaign in Trinidad & Tobago…Rex International chief executive Mans Lidgren said Trinidad & Tobago would be the focus of the company’s 2014 drilling programme, besides the Middle East and Norway…”With the increased production from the new wells, we are well placed to reap more benefits from the new legislation that allows us to offset all revenue generated from oil production against exploration expenses.”

“Chief operating officer Kristofer Skantze said the South Erin Block concession is of particular interest to the company because of its exploration potential…”Although Trinidad is known to be an oil-prolific area, there has only been one light oil discovery from onshore exploration in the past 50 years, owing to the region’s complex geology…We are confident that our proprietary technologies will give us an edge to tap these under-developed exploration opportunities.”

12 Apr, Lianhe Zaobao: Rex International’s jointly controlled entity to start onshore drilling plan

 

21 Mar, The Edge: Mapletree Industrial Trust, Rex, Ascott

 

21 Mar Xinhua: Roundup: Singapore stocks end up 0.53 pct

“Rex International gained 1.7 per cent to 61 Singapore cents. It announced that North Energy, in which the Group holds an approximate stake of 5.35 per cent, will commence drilling campaigns at two of its licenses in the third and fourth quarters of 2014. North Energy is using Rex Virtual Drilling in high grading possible drilling targets in its portfolio.”

6 Mar, Sea Discovery: First successful flow test from east of Oman in 30 years

“Masirah Oil Limited announced the testflow rates of the previously announced discovery at the second exploration well in Block 50 Oman, were very encouraging…During a 48-hour test, hydrocarbons were flowed to the surface and the well achieved light oil flow rate of up to 3000 stock tank barrels per day (stb/d) with no water production. This is the first offshore oil discovery in the east of Oman after more than 30 years of exploration activities.”

“Hans Lidgren, Chairman of Masirah, said, “The second exploration well produced at high and stable rates…The successful testing will allow us to deepen our knowledge and understanding of the offshore geology in the east of Oman and assist in our decisions on our further exploration, appraisal and development plans for this 17,000-square-kilometre block… We are very pleased and honoured to be granted the concession extension to proceed with the Second Phase of our work programme for Block 50 Oman…”

“Dan Brostrom, Executive Chairman of Rex International Holding, said, “The test result is a further confirmation of the strength and viability of Rex Virtual Drilling as a tool to find hidden oil deposits. We will continue to leverage on our proprietary hydrocarbon indicator as we work to grow our reputation and presence in the world. We have an intensive year ahead of us with activities in all our markets and we look forward to be able to participate in more discoveries in the future.””

17 Feb, Shares Investment: Stocks in Focus

“Rex International subscribed for NOK24 million (approximately US$3.8 million) worth of North Energy shares at NOK4 per share, under a NOK285 million private placement by North Energy. Upon completion, Rex will hold 6 million North Energy shares, representing approximately 5.35 per cent interest in the enlarged issued and paid-up share capital of North Energy. The move is a vote of confidence on the potential of North Energy’s exploration assets which are profiled by Rex’s proprietary Virtual Drilling technology.”

10 Feb, The Edge Singapore: Rex International hits oil in Oman, banks on Rexonic’s technology

“…Lidgren points out that despite all the publicity and press announcements, it is not the first time the technology has successfully detected oil. We know our technology is working. Our partners know it is working,” he says. “So, this was more for the public view. It shows that it works and that it can detect oil. This is an important milestone.”

“In another significant development, Rex is also moving downstream with its joint venture company Rexonic AG, owned in part by Ogsonic AG. Rexonic owns proprietary technology that uses high-power ultrasound for commercial oil well stimulation, and Rex will help service and license that technology to customers… Loke of UOB Kay Hian believes Rexonic’s technology could gain acceptance among oil-production companies as the concept has already been used in other industries, and expects the JV to provide a good source of recurring income for Rex. She is maintaining her “buy” recommendation on Rex with a price target of $1.27.”

6 Feb, E&P: Masirah discovers oil in Oman

“Rex International Holding, a Singapore-listed E&P firm, and its subsidiaries referred to the Feb 3 press release issued by Masirah Oil Ltd., a 64% indirectly owned subsidiary of its jointly-controlled entity, Lime Petroleum Plc, which announced the successful reach of the well target depth in the second exploration well in Block 50 in Oman to its final depth of more than 3,000 m (9,842 ft) into the Cambrian formation. Hydrocarbons were discovered in several formations with good oil samples extracted.”

5 Feb, Rigzone: Masirah discovers oil at Block 50 offshore Oman

 

5 Feb, Muscat Daily: Masirah claims oil discovery in Block 50

 

5 Feb, Oman Bulletin: Masirah claims oil discovery in Block 50

“Hans Lidgren, chairman of Masirah Oil, said, “The discovery of hydrocarbons in the second exploration well is a significant step towards the deepening of our knowledge and understanding of the offshore geology in the east of Oman, where no discovery has been made before.””

5 Feb, Straits Times: Rex International shares shoot up on fresh Oman oil discovery

 

5 Feb, Business Times Singapore: Rex jumps on news of Oman hydrocarbon find

 

4 Feb, Marine Link: Oil discovered in second Oman exploration well

 

4 Feb, The Star Malaysia: Rex International confirms hydrocarbons found in Oman

 

4 Feb, Straits Times Online: Rex International outperforms nervous Singapore market

 

29 Jan, SGX Market Updates: Recent highlights of the Catalist Board

“There are nine stocks with market capitalisations above S$200 million, the largest of which are Rex International, Charisma Energy Services and Singhaiyi Group…Over 127 trading days last year, the stock (Rex) generated a trading turnover of S$1.11 billion, which implied an average daily turnover of S$8.8 million.”

22 Jan, Straits Times: Rex International joint venture awarded 5 new offshore licences in Norway

 

22 Jan, Business Times Singapore: Rex’s Norwegian unit secures 5 new licences

 

8 Jan, Straits Times: Company briefs – Rex International Holding

 

2013

19 Dec, Straits Times: Company briefs: Rex International Holding

 

9 Dec, Lianhe Zaobao: Oil & Gas stocks turn in good performance this year

9 Dec, The Edge: Corporate: Undervalued IPOs with promising prospects, small caps draw interest, says Deloitte’s Kan

“Of the top five IPOs in Singapore in 2013, we noted that the companies with the most merger & acquisition (M&A) activities after listing fared the best,” Ernest Kan, chief of operations for clients & markets of Deloitte Singapore, tells The Edge Singapore. “It seems to us that investors also responded better to companies with clear prospects as well as those which were undervalued…Also on the top five list are…Rex International Holding…which has gone up…28%…since going public.”

7 Dec, Straits Times: US good news is ‘bad news’ for STI

 

5 Dec The Edge: Rex International unit to acquire 20% stake in new licence in Norway

“Dan Brostrom, Executive Chairman of Rex International Holding, said, “PL509 has been reviewed using Rex Virtual Drilling and we are very excited about the prospects there. The licence holders will make a decision whether to drill an exploration well in the licence by mid-2014. We anticipate that Lime will be able to grow its portfolio up to 15 licences in 2014, through farm-ins and when the annual Awards in Predefined Areas (APA) in mature parts of the NCS are announced by the Norwegian Ministry of Petroleum and Energy, expectedly in late January 2014.””

5 Dec, Straits Times: Company briefs – Rex International

 

2 Dec, The Edge: Brokers’ Digest

“Rex International Holding (Nov 27: 66 cents)…MAINTAIN BUY…Our price target for Rex is…$1.15… – DBS Vickers Securities (Nov 22)”

27 Nov, Business Times: Rex International gets 1.21m Fram shares worth US$7m

 

26 Nov, Business Times: Lime Petroleum begins drilling its first well in Oman

 

26 Nov, NextInsight: REX: Kick-starts unprecedented drilling campaign with Oman well spud

“Executive Chairman Dan Brostrom: “After our IPO, many investors approached us to buy more shares in Rex International. As the IPO share allotment had not been fully taken up, we decided on a placement at 75.5 cents, 51% higher than our 50-cent IPO price. With the additional monies, we can participate in opportunities that arose after the IPO…”

““We intend to have 5 to 7 offshore drilling campaigns next year,” said Mr Brostrom. This could mean a phenomenal FY2015 performance for Rex International when oilwell sale proceeds roll in. This rate of drilling campaigns is unprecedented among its E&P peers, and is possible only with Rex International’s unique business model.”

“”Four months after listing, we have already grown our portfolio to 15 concessions, beating our target. We have spudded Oman according to schedule. With the added proceeds from our recent placement, we are well capitalised for our expansion plans and for our upcoming drilling campaigns,” added Mr Brostrom.”

25 Nov, MarineLink.com: Rex International joint entity spuds first well in Oman

 

23 Nov, NextInsight: DBS Vickers highlights catalysts for stock price of Rex International

Maintain BUY for 85% upside potential. Our TP for Rex is adjusted down to S$1.15, as we factor in a bigger share base arising from the recent share placement, as well as consideration shares issued to fund the acquisition of the Rexonic stake and an additional stake in Rex Caribbean. However, we believe the story for Rex remains intact, as highlighted above, and the recent sell down thus presents a good buying opportunity. “

21 Nov, MarineLink.com: Lime Petroleum receives approval for acquisition

 

21 Nov, E&P Magazine: Lime Petroleum farms in to Barents Sea licenses

 

21 Nov, Business Times: Rex unit gets nod for Norway offshore deal

 

21 Nov, The Edge: Rex International’s subsidiary receives approval for acquisition of 10% in two licences in Norway

“Both licences have undergone screening and analysis of seismic data using Rex Virtual Drilling. Analysis done with Rex Virtual Drilling indicates the presence of hydrocarbons in these concessions.”

21 Nov, Straits Times: Oil and gas explorer Rex International Holding secures two licences in Norway

 

20 Nov, Business Times Sweden Special Report: Rex International Holding aims to ‘change the game’ in oil exploration

 

16 Nov, NextInsight: Rex: Recurring income from JV in oil production service

““There is technical synergy as both joint venture partners deal with green technology: Acoustics instead of chemicals, unlike conventional service providers. We can also cross-sell to each other’s customers,” said Mr Skantze.”

12 Nov, Business Times: Rex Int’l added to MSCI small-cap index

 

29 Oct, Lianhe Zaobao: Rex International and Swiss firm in joint venture for oil production technology

 

28 Oct, Channel NewsAsia: Rex International announces proposed placement of 70 million new shares

 

21 Oct, The Edge: Banking on exclusive exploration technology to help detect oil wells

“Rex International Holding has been one of the more successful IPOs in the past year and the stock looks like it could still go higher…Since its listing, Rex International has gone up by 45% to 82 cents on Oct 14, or 4.34 times its book value. The price had touched a peak of 93 cents on Sept 24. Sakar (DBS Vickers) has a “buy” call on the stock with a price target of $1.27, which implies about a 50% upside at its current price.”

30 Sep, The Edge Singapore: Brokers’ Digest – Rex Int’l Holdings (Sept 25: 91.5 cents)

“BUY (initiating coverage)…Based on an SOTP valuation using conservative chances of success, we arrive at a price target of $1.27 for RIH, which implies close to 50% upside at current levels. – DBS Vickers Securities (Sept 24)

24 Sep, Business Times: Brokers’ Take – Rex International Holding

 

19 Sep, RigZone: Rex’s unit to acquire stakes in 2 exploratory licences off Norway

“Mans Lidgren added, “North Energy had recently shared in their second quarter results presentation, that they had analysed 59 prospects using Rex Virtual Drilling over the past two years. Out of the 41 wells which had been drilled since, 35 predictions by Rex Virtual Drilling were spot on. This 85 per cent success rate (96 per cent success in predicting dry wells in 24 out of 25 drillings and 69 per cent success in predicting presence of commercial oil in 11 out of 16 drillings) is strong validation of our technology’s effectiveness.””

19 Sep, Lianhe Zaobao: Rex International to acquire 10% stakes in 2 new oil exploration licences

 

19 Sep, Business Times: Rex to receive stakes in 2 more licences
18 Sep, The Edge Singapore: Rex International receives 10% stakes each in two new exploratory licences in Norway

“Mans Lidgren, CEO of Rex, said, “North Energy received the second largest award of licences in this licensing round in Norway, and we are privileged to be able to tap on our strong working relationship with them to participate in two of the most exciting and valuable licences in the area.”

18 Sep, Biz Daily Rex: International clinches stakes in 2 licences

“Rex International Holding Limited Wednesday announced that indirectly owned subsidiary Lime Petroleum Norway will receive 10 per cent stakes in two exploratory licences in Norway from North Energy ASA…No consideration is needed to be paid for the transfer of the 10 per cent stakes, which is pending regulatory approval.”

18 Sep, BTinvest: Rex: To acquire stakes in 2 more licences in Norway

 

2 Sep, Business Times: A tale of IPOs in two cities

 

21 Aug, Lianhe Zaobao: Rex International and Pareto Staur Sign Agreement for Oil Exploration Licences in Trinidad & Tobago

 

21 Aug, SGX Market Updates: Recent turnover highlights of Minerals, Oil & Gas

“The liquidity of the MOG companies…Two of the most active MOG stocks in the quarter to-date including the Initial Public Offerings (IPOs) of Kris Energy and Rex International.”

19 Aug, Upstream Online: Aban Awarded Oman Gig

“Jointly-owned explorer Lime Petroleum has awarded India’s Aban Offshore a contract related to its drilling programme on the Block 50 concession in Oman. Lime will charter the jack-up drilling rig Aban VII for a minimum of 50 days to drill at least two exploration wells on the concession…Lime is a jointly-owned company between Rex International, Hibiscus Petroleum and Schroders.”

7 Aug, SGX Market Updates: 18 IPOs in ‘13 average 18% gain from offer price’

 

1 Aug, Lianhe Zaobao: Rex International Closes 13% Higher than IPO Price on First Trading Fay

 

31 Jul, CNBC Asia, Squawk Box: Interview with Rex International CEO Mans Lidgren

 

29 Jul, Energy Asia: Singapore – Oil explorer Rex International Oil aim to raise more than S$85 million in Catalist listing

“Rex said it has lined up an “active drilling and portfolio growth” programme in the US, Middle East and Norway over the next 24 months while screening for opportunities in Southeast Asia, Australia and New Zealand.”

29 Jul, The Edge Singapore: Rex Banks on Satellite and Seismic Data Technology in Oil Exploration Business

“Rex’s origins go back to the 1980s when Karl and Hans Lidgren pioneered the use of satellite technology for oil exploration activities. The technologies they developed led to the discovery of oil fields in the Haltenbanken area in Norway and the Bukha field in Oman. Haltenbanken is now one of the major oil producing areas in Norway.”

23 Jul, Business Times: Rex Launches IPO; Hopes to Raise Up to $85.25m

 

23 Jul, Straits Times: Oil Firm Set for Catalist ‘Top 3’ Spot with IPO

 

23 Jul, Lianhe Zaobao: Oil Exploration Firm Rex seeks Listing in Singapore

 

23 Jul, Hydraulic Equipment: Rex Launches Singapore IPO to Raise $68M (SGD 85.25M)

“We have received strong institutional support for Rex International Holding,” Mark Liew, managing director, Corporate Finance of PrimePartners Corporate Finance Pte. Ltd., which is the manager, sponsor, and co-placement agent of the IPO said…”

23 Jul, Channel NewsAsia, Business Singapore: Interview with Rex International CEO Mans Lidgren

 

23 Jul, Bloomberg TV, On the Move: Interview with Rex International CEO Mans Lidgren

 

2 Jul, Business Times: Sweden’s Rex Int’l Seeks Catalist Listing